Aliens TLDR

“Bottom line is the most leveraged and speculative marketplace in the world -- cryptos -- flushed out some of the excesses in thin weekend trading and is resuming the more enduring bullish trend,” said Mike McGlone, a Bloomberg Intelligence analyst.

The market has seen speculative traders “getting stopped out, and is attracting the more enduring buy and hold types.” Bitcoin and other cryptocurrencies dove this weekend amid a greater risk-off sentiment that also encompassed selloffs in many areas of the U.S. stock market.

“Every once in a while, the riskiest parts of the market, in this case mostly meme coins and metaverse tokens, do need to be washed out.” Cryptocurrencies have, following the weekend bruising, attempted to make a comeback.